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Bitcoin Evolution - Bitcoin Cash (BCH)

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Avatar for ThomasWolf
Written by   13
3 months ago

I often ask myself if the people who forked Bitcoin (BTC) into Bitcoin Cash (BCH) had used an original name, and a better logo would have created a more appealing momentum for crypto software evolution.

“Those who do not move, do not notice their chains.” Rosa Luxemburg

Bitcoin was created in 2009.  By 2016, scaling issues and transaction fees were already a growing problem.  Bitcoin forked into multiple chains over the years, but the one worth discussing is Bitcoin Cash.  BCH is faster, scales better, and most recently has kicked off many .cash crypto sites, one of which you may be reading this article from right now, otherwise you’re reading a republication.  Finally, SmartBCH is now in mainnet.

But, why not stick to the original Bitcoin, it seems like everyone else does?

Fair question, but outside social support and market volume, Bitcoin cannot beat Bitcoin Cash.  Block times are faster and cheaper, resulting in faster and cheaper transactions with no sacrifice no security, in addition to far better scaling.  Remember what Bitcoin’s fees were like during the ATH (All-Time High) at $68,990 USD - I do, for a moment I thought I was using Ethereum.

As an investor, it’s easy to identify far more room for growth.  At a current mid-market price of $380 USD, BCH offers far more potential for long-term gains, especially when factoring in scalability.  This is a one coin, two-chain war that should have ended before it started.  Bitcoin cannot effectively scale, but Bitcoin Cash can, especially since their team actively takes an interest in maintaining scalability, while Bitcoin lacks a governance system that leads to the idea of active changes.

Bitcoin transaction fees reached over $60 USD in 2021, the equivalent of 0.63 BCH at the time of writing this.  I ask you to think with an open mind and tell me how much the fees will be if Bitcoin reaches $100,000 per coin in mid-market value with high congestion, operating on the oldest PoW (Proof of Work) consensus algorithm there is.  Well, it will be over $60 per transaction, that much is for sure, and suddenly logic kicks you in the face - who wants to pay $60 fees, outside Ethereum maxis?  Not me.

Bitcoin Cash fees are barely noticeable, with BitInfoCharts reporting a current average transaction fee of 0.0000015 BCH or $0.0058 USD.  If everyone migrated from Bitcoin to Bitcoin Cash, a dramatic amount of market volume would be released from fees and injected back into market liquidity, instead of being mined at an extreme deficit.  From a mining stand-point Bitcoin and Bitcoin Cash are not much different, except that Bitcoin Cash was created in August of 2017, and is far younger.

I am currently exploring SmartBCH (Smart Bitcoin Cash) and the first thing I will tell you is that even in its early stages, it behaves similarly to any other chain you use in MetaMask, so even with it still in its infancy, onboarding is quite easy.  I look forward to watching more and more projects migrate over to it, simple NFT collections are performing well on Oasis.cash - I can’t wait for the higher tiers.

In a game or any other type of program, if we run into a bug, we patch it and release an update.  Why people challenge the concept of software evolution in crypto baffles me, but I know one thing for sure, even if it’s not Bitcoin Cash, the time when the majority leaves an outdated chain’s software for a newer chain’s software is a matter of when - not if.

That said, I love Bitcoin, I’m just not a maxi… the philosophy of evolution demands progress.

As always, comments & suggestions are highly encouraged.

Stay smart & Stay safe.

-Thomas Wolf

Pronouns: He/Him/His

DISCLAIMER

I am not a certified financial, tax, or legal advisor, analyst, or planner.  The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes.  I am not responsible for any losses or damages incurred due to misinterpreting my personal opinions for professional advice.


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Written by   13
3 months ago
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Comments

My friend told me the BCH has no use case, compared to other alt coins. hehe...I should direct him to your article. looking forward to your analysis on smartBCH.

$ 0.00
3 months ago

Welcome to read.cash my friend! The fee of BTC it's getting out of hand.

$ 0.00
3 months ago

Appreciated. Yea, I recall moving some Bitcoin from private wallet to private wallet and it cost me like $30 - and that is half of what CoinDesk said it came to, lol. Was kicking myself for that transaction because I had to send it twice...DeFi...

$ 0.00
3 months ago

Yes, obviously you can't buy a coffee with BTC

$ 0.00
3 months ago

And still.... some prefere to use ancient technology for slow and expensive transactions

$ 0.05
3 months ago

Lol... and they believe it's superior. That is the part that blows my mind.

Let me think, "Bitcoin with low fees, faster txns, and scalability - or Bitcoin with high fees, slower txns, and poor scalability."

Thinks

$ 0.00
3 months ago

Yes, but the boys mindlessly promoting the high fees-slow transactions have a bag to shill

$ 0.00
3 months ago

No joke..look at Solana completely down for a few days lol.

$ 0.00
3 months ago